Statements of Cash Flows

6 Months Ended

Jun. 30, 2011

Statements of Cash Flows [Abstract]

Statements of Cash Flows

3. Statements of Cash Flow:

The Company has defined cash and cash equivalents as cash and due from banks. The Company paid $1,811,218 and $2,475,536 for the six months ended June 30, 2011 and 2010, respectively, for interest on deposits and borrowings. Income tax payments of $235,000 and $625,000 were made during the six months ended June 30, 2011 and 2010, respectively. Loans transferred to other real estate amounted to $2,927,510 and $799,800 during the six months ended June 30, 2011 and 2010, respectively. Dividends payable of $462,323 as of December 31, 2010 were paid during the six months ended June 30, 2011.